Borrowing money for a new engine or for an occasion is quite possible with the installment loan. This is the perfect type of loan for financing your motorcycle. Why we think this is the best motorcycle loan, we explain this article later. Borrowing money for an engine is basically the same as taking out a car loan. Most car loans can also be requested for the engine you want to buy.
Installment loans: Easy money for you
Preferably looking for an installment loan at https://greendayonline.com/installment-loans/. A major advantage of this type of loan is that it provides you with a lot of clarity and it is also one of the safest forms of borrowing. You agree in advance on how much money you borrow. The loan amount will be transferred to you in one go. In addition to the loan amount, you agree on how many installments you can repay the loan. This is the term (term) of the loan on installment. You must stick to the duration. You also borrow at a fixed interest rate. This has the advantage that you know in advance how much the loan will cost you in total! You pay exactly the same amount of repayment and interest each month.
Save money on your motorcycle loan
It sounds very logical, of course, when we write that we recommend you to save money on your motorcycle loan. Closing a loan for an engine is often required for more expensive engines. Always try to negotiate the engine price. Just like with cars, this is certainly possible with motors.
Borrow extra money for motor insurance and motorcycle equipment sometimes possible
Depending on your income, your family and living situation, any outstanding loans and the price of your motorcycle, you can borrow up to 100% of the purchase price. Sometimes it is even possible to borrow more money for an engine (for example 105% or 110% of the purchase price). This gives you the opportunity to pay directly the costs of motor insurance. But with this extra spending amount you can also finance the necessary engine equipment such as a helmet, motorcycle clothing, et cetera. Compare the credit companies accordingly to these conditions; whether you can borrow up to 110% of the purchase price.
With whom to take out motor loans in Belgium?
Borrowing money for a new or used engine can in principle be done with all loan banks. We advise you not to take out a general loan. With a specific loan, you are often cheaper. This can also be a car loan.
Compare motor loans
Calculate your JKP (Annual Cost Price) with a number of Belgian lenders and place them side by side. Of course, it is important to compare interest rates on motor loans. But at least as important are the conditions:
- May you repay the loan more quickly and without penalty?
- Are you obliged to be insured with the same credit provider?
- Can you negotiate interest rates?
- Can you possibly finance up to 110% of the cost of the engine?